NoPaperForms Files Updated Draft Papers with SEBI for ₹375 Crore IPO Including Fresh Issue and OFS

NoPaperForms Solutions Ltd, an education-focused technology company, has filed updated draft documents with SEBI for a ₹375 crore IPO. The offering includes a fresh issue of shares and a 3.84 crore Offer for Sale (OFS) by Startup Investments (Holding) Ltd, as per The PTI news report. 

Details of the IPO Filing 

NoPaperForms has submitted updated draft papers to SEBI aiming to raise ₹375 crore through its initial public offering. The IPO involves a fresh issue of shares and an Offer for Sale (OFS) of 3.84 crore equity shares by investor shareholder Startup Investments (Holding) Ltd, according to the UDRHP filed on September 5, 2026. 

Utilisation of IPO Proceeds 

The proceeds from the fresh issue will be used for customer acquisition and retention, technology development, cloud infrastructure, general corporate purposes, and funding inorganic growth through potential acquisitions that have not yet been identified. 

Company Background and Offerings 

NoPaperForms, based in Gurugram, specialises in AI-powered SaaS solutions tailored for the education sector. The company provides products aimed at student acquisition, enrolment, fee management, and engagement, enhancing institutional efficiency. Its main offerings include Meritto, a student recruitment operating system, and Collexo, a comprehensive payment solution. 

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Performance Growth Reported 

In fiscal 2026, NoPaperForms achieved a 29% CAGR in student enquiries, rising from 8.95 crore to 14.88 crore. Personalised communications via the platform increased at a CAGR of 19%, growing from 132 crore to 186 crore. Fee collections processed through the platform more than doubled, showing a CAGR of 43.67%, from ₹1,541 crore to ₹3,180 crore over the same period. 

Conclusion 

NoPaperForms' planned ₹375 crore IPO features a fresh issue and an OFS of 3.84 crore shares by Startup Investments (Holding) Ltd. The company aims to allocate the funds for tech advancements and strategic growth in the education technology sector. 

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